Barnsley Building Society Solicitor Panel Recently Asked Questions from members of the public
I am in the process of selling my apartment and the estate agent has just telephoned to warn that the buyers are swapping conveyancer. The excuse is that Barnsley Building Society will only work with solicitors on their conveyancing panel. On what basis would a major lender only engage with certain solicitors?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
can you help? My lawyer is informing me me that he has to apply for a Local Authority search because the firm are on the Barnsley Building Society conveyancing panel. Is my lawyer correct?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Barnsley Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Barnsley Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Barnsley Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
How up to date is your search tool for the Barnsley Building Society conveyancing panel? Do Barnsley Building Society send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Barnsley Building Society conveyancing panel as opposed to being supplied with a list from Barnsley Building Society directly.
I am mortgaging my flat does my lawyer need to be on the Barnsley Building Society Conveyancing panel?
In theory, you could use a solicitor that is not on Barnsley Building Society conveyancing panel, but Barnsley Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
When it comes to mortgage companies such as Barnsley Building Society do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Why might a lender such as Barnsley Building Society withdraw a mortgage offer?
Lenders such as Barnsley Building Society can withdraw their mortgage offer although this rarely happens. should Barnsley Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a few examples:
- Where to proceed with the Mortgage offer would be unlawful
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
- If the solicitor on the Barnsley Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Barnsley Building Society ‘s instructions
We have had an offer accepted on a house I spoke to a lawyer recommended by my dad and he recommended retaining a property lawyers approved by Barnsley Building Society. The estate agent recommended two local firms so I asked Barnsley Building Society if the 2 suggested solicitors are approved, which they are not. Barnsley Building Society suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Barnsley Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Barnsley Building Society for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Barnsley Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Barnsley Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Barnsley Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.